Daimer Truck, Mitsubishi Fuso, Hino and Toyota have finalized a deal on integrating Hino Trucks with the Mitsubishi Fuso brand.
The agreement was announced in May 2023, but encountered regulatory delays.
The combined company will have more than 40,000 employees, giving it the scale, resources and technology leadership to help shape the future of the commercial vehicle landscape, the companies announced.
The new entity will be listed publicly on the Tokyo Stock Exchange next April, while the newly formed holding company controls Mitsubishi Fuso and Hino and Daimler Truck and Toyota each own 25% of that holding company.
The name of the new holding company will be announced at a later date.
The integration of the two truck brands will allow the company to improve truck development, procurement and production, the companies said. The new holding company will be led by Karl Deppen, CEO of Mitsubishi Fuso.
“Today is a great day for all our stakeholders,” said Deppen. “We are shaping the industry by bundling our strengths. With a strong new company we combine our two trusted brands, our resources, competencies and expertise to even better support our customers in their transportation needs in the future. I feel honored and excited to be the designated leader of the new company and am grateful for the trust and encouragement from Toyota and Daimler Truck to make it happen.”
“Cooperation among these four companies is truly once-in-a-lifetime opportunity,” added Satoshi Ogiso, CEO of Hino.
“In addition to operational synergy, we can expect immeasurable synergy affection from synthesizing different culture and climate of us. Under commonly aimed aspiration, we are confident with building strong and resilient team to empathizing with each other and contributing to society. As a new commercial vehicle company rooted in Japan, we collaboratively create ever better future.”
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